Ok, so you think you know which country you want to buy your property in, most people will have visited a country and region many times before deciding to buy there. Many people will be buying with a husband / wife / partner, so it is vital you two are both aligned. My top tip for how to ensure you are both ‘on the same page’? Each take a blank sheet of paper and a pen and sit in separate rooms. Then answer the following questions and compare results. Both happy? Aligned? No? Then you need to talk…
Questions to ask yourself:
What are you PRIMARILY buying this property for:
More of a financial investment – to be mainly rented out
To retire to now
To retire to later with some mixed holiday / rental use
What do you each see yourselves doing in the region, facilitated by your property?
100% time together relaxing
Boys trips (how often..?)
Girls weekends away (how often..?)
How often do you think you will visit your property in the first year, 3rd year, 5th year, 10 years+?
When your property is not occupied by your friends and family will you rent it out?
How long will you rent it for and for how much?
What NET rental income must your property realise after cost of servicing, agent fees, taxes, running costs and other deductions?
You know you always underestimate how much money you will spend whilst on holiday? yep, owning and running a foreign property is pretty much like that too. Put a comprehensive budget together, pronto! There are no right or wrong answers – just the answers that give you both clarity of purpose and direction as to what is the right property that meets your own individual needs.